Genco Shipping & Trading (NYSE:GNK) Sets New 12-Month High – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $19.63 and last traded at $19.6650, with a volume of 331161 shares trading hands. The stock had previously closed at $18.87.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Finally, SEB Equity Research set a $23.00 target price on shares of Genco Shipping & Trading in a research note on Friday, September 26th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $21.00.

Genco Shipping & Trading Price Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 2.36 and a quick ratio of 1.98. The stock has a market capitalization of $850.53 million, a price-to-earnings ratio of -115.71 and a beta of 1.19. The company has a 50-day simple moving average of $18.18 and a two-hundred day simple moving average of $16.94.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 5th. The shipping company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). Genco Shipping & Trading had a negative net margin of 2.14% and a negative return on equity of 0.62%. The business had revenue of $79.92 million during the quarter, compared to analyst estimates of $65.06 million. During the same quarter in the prior year, the firm earned $0.41 earnings per share. The company’s quarterly revenue was down 19.5% on a year-over-year basis. On average, equities research analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Monday, November 17th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, November 17th. Genco Shipping & Trading’s payout ratio is -352.94%.

Institutional Trading of Genco Shipping & Trading

Several large investors have recently added to or reduced their stakes in GNK. PNC Financial Services Group Inc. grew its stake in shares of Genco Shipping & Trading by 82.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after purchasing an additional 876 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in Genco Shipping & Trading in the 3rd quarter valued at about $30,000. Advisory Services Network LLC acquired a new position in Genco Shipping & Trading during the 3rd quarter valued at about $30,000. Signaturefd LLC increased its stake in Genco Shipping & Trading by 239.0% during the 2nd quarter. Signaturefd LLC now owns 2,549 shares of the shipping company’s stock valued at $33,000 after buying an additional 1,797 shares during the period. Finally, Sunbelt Securities Inc. bought a new stake in shares of Genco Shipping & Trading during the 3rd quarter worth about $35,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.